Sizeable 'blip' stands out in lethargic property market

A sizeable ‘blip’ has been recorded in the country’s lethargic property market – with seven million-dollar-plus homes being sold in Tauranga in the space of six weeks.

Bayleys Tauranga clocked up nearly $9 million in property sales from May to June, with most deals settling in the past few weeks. The properties, ranging in price from $1.098million to $1.55million, included:

• Two luxury apartments, sold for $1.425million and $1.2million.
• A four bedroom home on a one hectare lifestyle block with a tennis court which sold for $1.098million.
• A four bedroom home with a waterfront boundary which sold for $1.3million.
• A large renovated four bedroom home with extensive waterfront views sold for $1.55million.
• A luxury three bedroom waterfront townhouse sold to a local Tauranga buyer for $1.2million.
• One of Tauranga’s few character homes - built in the 1940s – sold for $1.135million. Located on a private 1800 sq m section, it went to a local buyer wanting to secure a home closer to the amenities the family needed.

Bayleys Tauranga residential sales manager Dickie Burman says vendors were increasingly coming to an understanding of where the residential property market was now sitting, and had reduced their price expectations accordingly.

“To get these sales concluded, both the vendors and the purchasers were given weekly briefings about the state of the property market and where residential home sales were tracking.

“Vendors are accepting today’s values, giving them motivation to meet the market, and resulting in sales to keep both parties happy.”